Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 105-2017
The Central Bank of Libya issued Circular Letter No. 105-2017 to amend the conditions for opening Standby Letters of Credit under Circular 1 M.N (2017/2). The directive requires commercial banks to accept bills of lading signed either by the ship's master or by a carrier-authorized shipping agent at the port of loading, provided the document clearly identifies the carrier. Banks must enforce this amendment and ensure relevant departments monitor compliance with the updated inspection and documentation requirements.
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